Stefan Brendgen steps down as head of Allianz Real Estate's German business

Stefan Brendgen is stepping down from his role as CEO of Allianz Real Estate's German business for personal reasons, with effect from 31 August 2014.

Until a permanent replacement is found, Alexander Gebauer will join the management of Allianz Real Estate Germany from 1 September 2014 alongside his responsibilities as managing director of Allianz Real Estate group. Brendgen will continue to be on hand for Allianz Real Estate as a consultant.

Brendgen joined Allianz Real Estate Germany at the beginning of 2009. During his time as German CEO, the business increasesd its direct investment, with the acquisition of major assets in Germany such as Skyper office skyscraper in Frankfurt, the SkyOffice in Düsseldorf or the Brahms Quartier in Hamburg.

Allianz Real Estate Germany also moved into the office and retail property markets in Poland, leading to the acquisition of Silesia Shopping Center in Katovice in May 2013 for €412 mln and the Warsaw Financial Center office skyscraper in Warsaw in January 2013 for €210 mln.

Both transactions involved joint ventures. Allianz teamed up with a Chinese investor and German shopping centre specialist ECE on Silesia Shopping Center, while it partnered with Tristan Capital Partners to acquire the WFC.

Other big deals under Brendgen's leadership include the Skyline Plaza shopping centre in Frankfurt, the acquisition of 50% of Kamppi shopping centre in Helsinki and the takeover of the Europa Passage in Hamburg.

Olivier Piani, CEO of the Allianz Real Estate: 'We would like to sincerely thank Stefan Brendgen for his extremely successful commitment in recent years and are delighted that he will continue to be on hand with advice.'

Allianz Real Estate had €30 bn assets under management at end-2013.